Celsius Allows “Eligible Custody Users” to Withdraw Cryptocurrency Assets
Celsius, the now-defunct crypto lending firm, has announced that select customers known as “Eligible Custody Users” can now withdraw approximately 72% of their cryptocurrency assets. This opportunity comes after court approval of the company’s restructuring plan and the granting of withdrawal rights. The deadline for withdrawals is set for February 28, 2024. All other customers, including those who opposed Celsius’ restructuring plans, will have their withdrawals processed in the next six months.
Withdrawals Open for Eligible Custody Users
Celsius made the announcement on their official X page, stating that Eligible Custody Users can now make withdrawals. However, only certain Custody Assets are available for withdrawal at this time. The custody clients from two groups of claimants have until the deadline to execute their withdrawals. According to Stretto, these participants will receive slightly more than 72% of their crypto assets.
Bids for Celsius Claims and Urgent Withdrawal
A recent update on Claims Market shows that bids for Celsius claims are currently at $0.38 on the dollar. In comparison, FTX claims in the same bankruptcy case have a higher value of $0.57 on the dollar through Claims Market. Celsius has advised its eligible clients on social media to withdraw their cryptocurrency assets as soon as possible before the window of opportunity closes. The company has emphasized the temporary availability of the Celsius app and the importance of keeping personal records of relevant information.
Hot Take: Celsius Gives “Eligible Custody Users” Limited Window for Withdrawals
Celsius has taken a step toward addressing the concerns of its customers by allowing “Eligible Custody Users” to withdraw 72% of their cryptocurrency assets. This move comes after the company sought bankruptcy protection and suspended withdrawals. With the deadline set for February 28, 2024, these select customers have a limited window to access their funds. As bids for Celsius claims remain relatively low compared to other cases, the urgency for withdrawal becomes even more apparent. Celsius urges its eligible clients to take action now to secure their assets.
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